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China returns to trade surplus
By Wang Yanlin |
May 10, 2010, Monday
|
Online Edition
Online Edition
CHINA'S trade returned to a surplus in April but it shrank 87 percent from a year earlier due to faster growth in imports than exports.
The trade surplus stood at US$1.68 billion last month, the General Administration of Customs said today. It compared with a deficit of US$7.2 billion in March, which ended a trade surplus held since May 2004.
Exports rose 30.5 percent year on year to US$119.9 billion in April, while imports surged 49.7 percent to US$118.2 billion.
"It is no surprise that China will report a trade surplus again. Deficit can only be a temporary phenomenon -- the country is still strong in exports," said Li Maoyu, an analyst at Changjiang Securities Co.
However, the swift return to surplus may renew the request from the United States for the yuan to appreciate, Li said.
"The US economy is still bundled with difficulties and they are hoping to count on exports to boost the economy. China may have to face renewed pressure from the US for a rise in the yuan's value," Li said.
The US has threatened to label China a currency manipulator and to impose trade sanctions based on that.
China has rejected the accusation, insisting the yuan is not undervalued and a stronger yuan would not address the US-China trade imbalance.
The trade surplus stood at US$1.68 billion last month, the General Administration of Customs said today. It compared with a deficit of US$7.2 billion in March, which ended a trade surplus held since May 2004.
Exports rose 30.5 percent year on year to US$119.9 billion in April, while imports surged 49.7 percent to US$118.2 billion.
"It is no surprise that China will report a trade surplus again. Deficit can only be a temporary phenomenon -- the country is still strong in exports," said Li Maoyu, an analyst at Changjiang Securities Co.
However, the swift return to surplus may renew the request from the United States for the yuan to appreciate, Li said.
"The US economy is still bundled with difficulties and they are hoping to count on exports to boost the economy. China may have to face renewed pressure from the US for a rise in the yuan's value," Li said.
The US has threatened to label China a currency manipulator and to impose trade sanctions based on that.
China has rejected the accusation, insisting the yuan is not undervalued and a stronger yuan would not address the US-China trade imbalance.
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